Bitcoin Treasury Firm Nakamoto Holdings Plummets 99%, Seeks New Acquisition Strategy
A Bitcoin treasury company founded by David Bailey, an advisor to Donald Trump's 2024 presidential campaign, has seen its stock price plummet, forcing a shift away from its aggressive cryptocurrency accumulation strategy.
Nakamoto Holdings' shares have collapsed roughly 99% from their 2025 peak, according to Bloomberg. The company was formed through a merger of Bailey's Nakamoto Holdings and healthcare firm KindlyMD, backed by a $510 million private investment and $200 million in convertible notes.
The financial damage is stark. Nakamoto reported a net loss of $371.8 million for the first six months of 2026, according to its latest SEC filing. Bailey acknowledged the pivot in an interview with Bloomberg, saying the company is now hunting for acquisitions that can generate income and cash flow.
The board authorized a stock buyback of up to $25 million in June and extended about 105 million USDT of principal until June 2027.